Pipeline forever replenishes itself

Abbey National Plc joined the growing line of U.K. master trust issuance by launching its seventh transaction from the Holmes series - the 10th deal originated by the U.K. lender.

The transaction is slated to be $4.17 billion equivalent in size and will be managed by JPMorgan and Schroder Salomon Smith Barney. Like Granite 2003-1 and Permanent Financing issued earlier this year, the current structure will include U.S. dollar-denominated, euro-denominated and sterling-based tranches.

The Italian markets kept pace with U.K. RMBS developments. Last week, the market priced two MBS transactions including the Mantega Finance II deal and the Sintonia Finance deal, and the pipeline has been replenished with the new $373.7 million equivalent RMBS deal dubbed March Mutui Societa per la Cartolarizzazione S.r.l. The deal, marketed for Banca delle Marche, will be managed by BNP Paribas and includes two triple-A rated tranches that amount to $343 million equivalent of notes available - $17.6 million equivalent of single-A notes and $12.3 million of triple-B notes.

The Dutch market is taking note of the booming RMBS pipeline. Following the GMAC issue earlier this year are two RMBS deals being marketed simultaneously. NIB Capital Bank is marketing a $1.08 billion equivalent RMBS that marks the originator's first time back since its July 2001 issue. Lehman Brothers will co-manage the transaction with NIB Capital. The deal includes a $982 million equivalent triple-A piece, $61.39 million equivalent of single-A notes, $26.6 million equivalent of triple-B notes, $10.3 million equivalent of double-B notes and $5.9 million equivalent of single-B notes. All carry a weighted average life of 6.6 years.

Also on the Dutch RMBS front is a $1.3 billion equivalent transaction for ASR Bank. It's the seventh transaction to emerge from the bank's Delphinus series and will offer two tranches of triple-A notes - one at $986.2 million equivalent and the other at $217.3 million equivalent. The deal also includes $67.9 million equivalent of single-A notes and $32.6 million equivalent of triple-B notes.

CDOs continue to trickle into the pipeline, including last week's new managed synthetic for portfolio manager AIG Private Bank Ltd, dubbed Symphony Credit Select. The $54.3 million equivalent will be managed by SSSB. The portfolio will include euro-denominated credit default swaps for investment-grade names.

Copyright 2003 Thomson Media Inc. All Rights Reserved.

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